Florida

JLL Arranges $26.3M Sale of Publix-Anchored Shopping Center in Metro Orlando

by Alex Tostado November 25, 2020

KISSIMMEE, FLA. — JLL has arranged the $26.3 million sale of Osceola Village, a 122,845-square-foot, Publix-anchored shopping center in Kissimmee. The center, which was delivered in 2008, was 82 percent leased at the time of sale to tenants including DaVita Kidney Care, Orlando Health and Visionworks. The asset is situated on 20 acres at 3040 Dyer Blvd., 22 miles south of downtown Orlando. Brad Peterson, Whitaker Leonhardt and Tommy Isola of JLL represented the seller, an affiliate of Glenborough LLC, in the transaction. New York City-based East Coast Acquisitions purchased the property.

November 25, 2020

Development Florida Industrial Southeast

Miller Construction Breaks Ground on 312,592 SF Industrial Park in Metro Miami

by Alex Tostado November 23, 2020

HIALEAH GARDENS, FLA. — Miller Construction has broken ground on Midpoint Miami Logistics Park, a 312,592-square-foot industrial property in Hialeah Gardens. The 18-acre site will include the 147,974-square-foot Building 1 and the 164,618-square-foot Building 2. Miller expects to immediately break ground on Building 1 and then plans to start Building 2 four weeks later. The Fort Lauderdale, Fla.-based general contractor expects to complete the park in summer 2021. The assets will feature 32-foot clear heights, a shared 180-foot truck court and a total of 124 dock doors. Foundry Commercial is the developer and owner of Midpoint Miami Logistics Park. RLC Architects is the designer, and Avison Young is handling leasing efforts. The engineering team includes Miami-based firms Puga & Associates International, DDA Engineers and Langan Engineering.

November 23, 2020

Development Florida Multifamily Seniors Housing Southeast

Paces Foundation Opens Affordable Seniors Housing Community in Pensacola, Florida

by Alex Tostado November 20, 2020

PENSACOLA, FLA. — The Paces Foundation has opened Brownsville Manor, an affordable housing community for seniors in Pensacola. The property offers 88 one- and two-bedroom units and is over 80 percent leased. The units will feature heating and cooling units, high-efficiency water heaters and water-saving showers and plumbing fixtures. Brownsville Manor is the second affordable housing community that The Paces Foundation has built for seniors in Pensacola. The first, Fairfield Manor, was awarded a LEED Platinum certification and opened five years ago.

November 20, 2020

Acquisitions Florida Loans Multifamily Southeast

Berkadia Provides $20.6M Acquisition Loan for Mixed-Income Apartment Complex in Southwest Florida

by Alex Tostado November 20, 2020

NAPLES, FLA. — Berkadia has provided a $20.6 million Freddie Mac acquisition loan for Wild Pines of Naples. The 15-year loan features a fixed interest rate and 10 years of interest-only payments. Of the 200 units, 104 are reserved for those earning 60 percent of the area median income (AMI), while the remaining 96 units are being leased at market rate. The property offers one-bedroom floor plans averaging 600 square feet across 19 one- and two-story buildings. Communal amenities include two pools, two laundry rooms, a clubhouse, business center, fitness center and a picnic area. Included in the sale of the property are 23 garages available for rent and 0.6 acres of undeveloped land that could be used to add more units or amenities. Mitch Sinberg and Matt Robbins of Berkadia originated the loan on behalf of the borrower, New York City-based GMF Capital.

November 20, 2020

Development Florida Retail Southeast

Halvorsen Holdings Breaks Ground on Publix-Anchored Shopping Center in Southwest Florida

by Alex Tostado November 13, 2020

NAPLES, FLA. — Halvorsen Holdings has broken ground on Fiddler’s Creek Plaza, a 60,000-square-foot, Publix-anchored shopping center in Naples. The 48,000-square-foot Publix is one of the company’s newest prototype models, featuring a drive-thru pharmacy and an updated layout with a mezzanine level. There is 12,000 square feet of shop space available as well, including a 2,925-square-foot end-cap restaurant space with an outdoor patio. Three outparcels are available for sale or ground lease. The property is located at the intersection of U.S. Highway 41 and Sandpiper Drive, 12 miles southeast of downtown Naples. Boca Raton, Fla.-based Halvorsen Holdings expects to complete Fiddler’s Creek Plaza in summer 2021.

November 13, 2020

Development Florida Multifamily Seniors Housing Southeast

Moss Construction to Build $120M Expansion of Seniors Housing Community in South Florida

by Alex Tostado November 12, 2020

POMPANO BEACH, FLA. — Moss Construction will expand John Knox Village, a seniors housing community in Pompano Beach, by 150 units and 508,513 square feet of retail, outdoor and event space. The two-phase expansion is expected to cost $120 million to execute. Construction on the first phase has started. The 37,117-square-foot project will consist of a first-level pavilion featuring a performing arts center, pre- and post-event gallery space, two restaurants with indoor and lakeside dining, a bar in between the two restaurants, a lakefront promenade and gathering spaces. A timeline for completion was not disclosed. The second phase is scheduled to start in the first quarter 2022. The 471,396-square-foot project will include two podium-style towers with 150 independent living residences, a 153-space parking garage, three restaurants and other common areas. The expansion will also involve infrastructure improvements and revisions to lakes and roadways in the vicinity.

November 12, 2020

Acquisitions Florida Industrial Self-Storage Southeast

HPI Real Estate Purchases 752-Unit Self-Storage Facility in Palm Beach County

by Alex Tostado November 11, 2020

LANTANA, FLA. — HPI Real Estate Services & Investments has purchased a 752-unit, 72,910-square-foot CubeSmart self-storage facility in Lantana. CubeSmart manages the property, which is situated at 420 N. Fourth St., 11 miles south of downtown West Palm Beach. The asset was delivered in 2018 and offers 24-hour video surveillance, climate-controlled units and elevator access. The sales price was not disclosed, though Texas-based HPI says this is the first transaction of its new self-storage acquisition fund, which will acquire more than $125 million of assets over the next 12 months. According to Jon Erickson and Jonathan Vollinger of HPI, the all-cash deal closed in 37 days. Zack Urow and Richard Riddle of SkyView Advisors represented the seller, Florida-based Acorn Mini Storage, in the transaction.

November 11, 2020

Acquisitions Florida Multifamily Southeast

Passco Acquires Multifamily Community in Metro Tampa for $76.4M

by Alex Tostado November 10, 2020

LAND O’ LAKES, FLA. — Passco Cos. has acquired Tapestry Cypress Creek, a 341-unit multifamily community in Land O’ Lakes, for $76.4 million. The property, which was delivered in 2019, offers one-, two- and three-bedroom floor plans. Unit interiors feature granite countertops, hurricane-impact windows, screened-in patios and balconies, washers and dryers, walk-in closets and stainless steel appliances. Communal amenities include a saltwater pool, clubhouse, 24-hour fitness center, club room and a dog park. The community is located at 2300 Tapestry Park Drive, 20 miles north of downtown Tampa. Patrick Dufour, Ryan Crowley, Andrew Visnick and Pibu Aulakh of Newmark represented the seller, Arlington Properties, in the transaction. Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group originated acquisition financing on behalf of Passco.

November 10, 2020

Acquisitions Florida Industrial Leasing Activity Southeast

Logistics Firm Completes $16.2M Sale-Leaseback of Warehouse in Metro Miami

by Alex Tostado November 10, 2020

DORAL, FLA. — Logistics firm Clover Systems has sold a 113,891-square-foot warehouse in Doral for $16.2 million. The family-owned company signed a short-term lease to remain at 1910 NW 97th Ave., which is situated nine miles east of Miami International Airport and 15 miles east of downtown Miami. The buyer was Los Angeles-based 1910 NW 97th Ave Owner LLC, an institutional investor registered in Delaware. The warehouse was originally built in 1979 and was most recently traded in 1996 for $4.7 million. Jose Sasson-Lerner of Axiom Capital Advisors represented the buyer in the transaction. Stephen DiGiacomo, Roger Zuniga and Patty Marquez of DiGiacomo Group represented the seller.

November 10, 2020

Acquisitions Florida Multifamily Southeast

Stoneweg Buys Tampa Bay Apartment Community for $114M

by Alex Tostado November 9, 2020

ST. PETERSBURG, FLA. — An affiliate of Stoneweg US has bought Trellis at the Lakes Apartments, a 688-unit multifamily complex in St. Petersburg, for $114 million. The asset is situated at 11401 Dr. Martin Luther King Jr. St. N., 15 miles east of downtown Tampa. Trellis at the Lakes offers one- and two-bedroom floor plans. Communal amenities include a fitness center, pool, media center and a courtyard. The seller, an affiliate of ESG Kullen, acquired the property in 2016 for $80.9 million and invested in capital improvements during its ownership. Mark Meland and Bryan Vega of Miami-based Meland Budwick PA provided legal services for the seller. Patrick Dufour, Ryan Crowley, Andrew Visnick and Pibu Aulakh of Newmark represented the seller in the transaction. Matt Williams, James Maynard, Steve Comly and Adam Randall of Newmark arranged acquisition financing on behalf of the buyer. Additionally, Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia secured a joint venture equity partner for Stoneweg’s acquisition. The unnamed life insurance company invested $36 million for the deal.

November 9, 2020

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